Residents of Flint Start Lawsuit Against Investment Banks

According to reporting done by CNN and The Detroit News, Residents of Flint, Mi. have filed a lawsuit in Federal Court against Wells Fargo, Stifel, Nicolaus & Company, and JPMorgan Chase.

The suit accuses the three investment banks of aiding and abetting in perpetrating "the violation” of rights that eventually led to the water system crisis in Flint.

As reported by CNN, the complaint reads in part:

The three banks "each engaged in conscience shocking behavior by underwriting Flint's participation in the KWA—and thus the poisoning of Flint's children, residents, and other users—knowing full well there would be drastic and dire health consequences to the children of Flint," the complaint states.

Cities across the nation rely on Banks large and small to help finance public works projects like the structural changes that were made when Flint changed its water source from Lake Michigan to the Flint River in 2014. Even in WNY, a large majority of the public construction projects are underwritten by major banks.

As old Rust Belt cities like Flint, and Buffalo, continue to struggle with maintaining their infrastructure, the long-term effects of the Flint Water Crisis will be felt for years to come.

While speaking to the Detroit News, LeeAnne Walters, a Flint resident and mother said:

All the players have been involved, need to be held accountable… the banks that put profit over safety need to be held to the same standard as everybody else and they deserve to pay for the lives of lives that they have devastated.

This lawsuit is just one of many that have been filed by families that have been affected by the water crisis. Residents of Flint recently reached a $600 Million Settlement with the State of Michigan to help families who were negatively impacted by the water crisis.